Aston Martin Lagonda Global Holdings PLC (LSE:AML) saw its revenues race ahead as the luxury car maker slashed net debt by a third in the first half of the year.
Sales at the British manufacturer grew by 25% in the six months to 30 June to £677.2mln compared to the same period a year earlier, the company said in a statement.
Adjusted underlying earnings (EBITDA) also grew by 38% to £80.6mln, while pre-tax losses halved to £142.2mln and net debt fell by 33% to £846.2mln after a refiniancing.
Operationally, the FTSE 100 said retail sales outpaced wholesales, with strong demand across its portfolio, although wholesale volumes did increase by 10% year-on-year to 2,954.
Current GT/Sports cars are sold out for 2023 ahead of upcoming launches and there was 43% volume growth in its DBX range, underpinned by its SUV DBX707, representing more than 70% of DBX orders.
"In addition, we are now driving new levels of operational excellence to support our growth and deliver on our targets which focus on increasing value for each car we sell, aligned with the characteristics of a true ultra-luxury company,” said executive chairman Lawrence Stroll.
"Although we may only be halfway through the year, 2023 has already proven to be a remarkable year in which Aston Martin has shone brighter than ever,” he added.
Looking ahead, Aston Martin said it remains on track to achieve medium-term financial targets of £2bn in revenue and £500mln in adjusted EBITDA by 2024/25.
Guidance for the current year also remains unchanged, with wholesale year-on-year growth of 7,000 units and adjusted EBITDA margin expansion of 20%.
By 2027/28, the luxury car maker expects to deliver revenue of £2.5bn, an adjusted EBITDA of £800mln and free cash flow to be sustainably positive.